How Much Time Does It Take To File Bankruptcy?

The time period it takes for your bankruptcy to discharge your debts can have several factors

. From the time you prepare your papers to filing it on court, the bankruptcy court that you went to, the bankruptcy trustee, your creditors, creditors meeting and for how long a bankruptcy court issues a discharge on your debts which is the commencement date for your bankruptcy status that will stay with you for a couple of years.

If you prepare your own papers to cut cost, how much time does it take to file bankruptcy? The answer is depending on the person who is preparing the papers. One thing is for sure, it will take longer to prepare your papers than to hire a professional to deal with it. This is because bankruptcy forms are complicated materials that have a lot of legal requirements, legal terms and other things that a lawyer or a person with a background related to law only knows. It does take time to learn and with bankruptcy, you cannot rush it until you are sure that you are certain all the information you prepare are correct because if your papers contain errors, this may affect how much properties are going to be considered nonexempt and errors can increase those numbers which you do not want to happen. Nonexempt properties are properties that go to the process of liquidation, which means that those properties are taken from you to be sold and the money will be given to all your creditors.

How much time does it take to file bankruptcy if you hire professionals to prepare your bankruptcy papers? It will take less time. Just make sure that if you hire a petition preparer, they follow certain legal requirements like signing the papers and putting their name as to who prepare them.

It takes about 6 months for your debts to be discharged through bankruptcy chapter 7, if there were no problems along the way. You can file chapter 7 type of bankruptcy the second time after 8 years when your bankruptcy status is discharged. It takes about 30 months or more for the commencement date of a bankruptcy chapter 13 to take place and takes about 4 years before you can file chapter 13 again.

Bankruptcy is defined in simple term as a legal action that a person can take to receive protection from the bankruptcy court and get the chance to have a new financial start to his life. I suggest that you file your bankruptcy with the help of a petition preparer or a bankruptcy lawyer in the process of preparing your papers. This will greatly help in making your papers error free that otherwise can cause you to lose more assets. How much you will spend only depends on how much is the rate of their flat fee is. When your papers are done, it is now ready for filing. For more support on how to file your bankruptcy, visit the link below.

by: Steve

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